Israel’s Yam Pro renewable energy firm, which has patented onshore technology that converts ocean waves to usable electricity, has signed a memorandum of understanding (MOU) to build an ocean wave power station in Ghana.
The $180 million project — signed with the Shapoorji Pallonji Group (SP Group), an Indian business conglomerate — is slated to be completed within three years. The ocean wave energy power station is scheduled to begin production at a level of 10 megawatts and increase to 150 megawatts.
According to the Yam Pro website, unlike offshore ocean wave energy companies, which require divers to construct their facilities, Yam Pro’s technology is 90-percent land based, making it easier to build and maintain.
Yam Pro claims that the price per kilowatt hour for ocean wave energy stands at $0.03, making it cheaper than geothermal, coal, natural gas, nuclear, wind, solar, biomass or hydropower.
Yam Pro CEOs Zeev Peretz and Laser Rothstein said in a joint statement that they hope the MOU “will be a start of a global cooperation with SP that we can together revolutionize the energy market around the world.”